10-Q 1 hubg-20220630.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022 or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission file number: 0-27754

 

HUB GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-4007085

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

2001 Hub Group Way

Oak Brook, Illinois 60523

(Address, including zip code, of principal executive offices)

Registrant’s telephone number, including area code: (630) 271-3600

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, par value $.01 per share

 

HUBG

 

NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

 

Accelerated Filer

 

Non-Accelerated Filer

 

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

On July 29, 2022, the registrant had 33,988,492 outstanding shares of Class A common stock, par value $.01 per share, and 662,296 outstanding shares of Class B common stock, par value $0.1 per share.

 


 

HUB GROUP, INC.

TABLE OF CONTENTS

 

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

Consolidated Balance Sheets – June 30, 2022 (unaudited) and December 31, 2021

3

Unaudited Consolidated Statements of Income and Comprehensive Income – Three Months and Six Months Ended June 30, 2022 and 2021

4

Unaudited Consolidated Statements of Stockholders’ Equity – Three and Six Months Ended June 30, 2022 and 2021

5

Unaudited Consolidated Statements of Cash Flows – Six Months Ended June 30, 2022 and 2021

6

Notes to Unaudited Consolidated Financial Statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

12

Item 3. Quantitative and Qualitative Disclosures about Market Risk

20

Item 4. Controls and Procedures

20

 

PART II. OTHER INFORMATION

20

 

Item 1. Legal Proceedings

20

Item 1A. Risk Factors

20

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

20

Item 6. Exhibits

21

 

 

 

 


 

HUB GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

 

June 30,

 

 

December 31,

 

 

2022

 

 

2021

 

ASSETS

(unaudited)

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

298,476

 

 

$

159,784

 

Accounts receivable trade, net

 

794,785

 

 

 

701,512

 

Other receivables

 

2,933

 

 

 

3,022

 

Prepaid taxes

 

4,357

 

 

 

2,191

 

Prepaid expenses and other current assets

 

18,115

 

 

 

27,779

 

TOTAL CURRENT ASSETS

 

1,118,666

 

 

 

894,288

 

 

 

 

 

 

 

Restricted investments

 

19,056

 

 

 

24,256

 

Property and equipment, net

 

712,571

 

 

 

681,451

 

Right-of-use assets - operating leases

 

45,997

 

 

 

44,036

 

Right-of-use assets - financing leases

 

2,230

 

 

 

1,252

 

Other intangibles, net

 

183,883

 

 

 

196,672

 

Goodwill

 

577,340

 

 

 

576,913

 

Other assets

 

19,502

 

 

 

18,426

 

TOTAL ASSETS

$

2,679,245

 

 

$

2,437,294

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable trade

$

423,608

 

 

$

424,923

 

Accounts payable other

 

17,192

 

 

 

12,493

 

Accrued payroll

 

54,903

 

 

 

56,938

 

Accrued other

 

109,918

 

 

 

82,827

 

Lease liability - operating leases

 

12,214

 

 

 

11,364

 

Lease liability - financing leases

 

2,036

 

 

 

1,251

 

Current portion of long-term debt

 

98,774

 

 

 

97,273

 

TOTAL CURRENT LIABILITIES

 

718,645

 

 

 

687,069

 

 

 

 

 

 

 

Long-term debt

 

188,058

 

 

 

177,479

 

Non-current liabilities

 

43,077

 

 

 

41,572

 

Lease liability - operating leases

 

36,409

 

 

 

34,916

 

Lease liability - financing leases

 

173

 

 

 

-

 

Deferred taxes

 

157,694

 

 

 

155,944

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

Preferred stock: $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2022 and 2021

-

 

 

-

 

Common stock

 

 

 

 

 

Class A: $.01 par value; 97,337,700 shares authorized and 41,224,792 shares issued in 2022 and 2021; 33,980,577 shares outstanding in 2022 and 33,907,734 shares outstanding in 2021

 

412

 

 

 

412

 

Class B: $.01 par value; 662,300 shares authorized; 662,296 shares issued and outstanding in 2022 and 2021

 

7

 

 

 

7

 

Additional paid-in capital

 

195,603

 

 

 

189,256

 

Purchase price in excess of predecessor basis, net of tax benefit of $10,306

 

(15,458

)

 

 

(15,458

)

Retained earnings

 

1,614,983

 

 

 

1,424,634

 

Accumulated other comprehensive loss

 

(203

)

 

 

(207

)

Treasury stock; at cost, 7,244,215 shares in 2022 and 7,317,058 shares in 2021

 

(260,155

)

 

 

(258,330

)

TOTAL STOCKHOLDERS' EQUITY

 

1,535,189

 

 

 

1,340,314

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,679,245

 

 

$

2,437,294

 

See notes to unaudited consolidated financial statements.

3


 

HUB GROUP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

 

 

Three Months

 

 

Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

1,401,457

 

 

$

981,320

 

 

$

2,699,580

 

 

$

1,900,873

 

Transportation costs

 

1,154,619

 

 

 

860,759

 

 

 

2,237,725

 

 

 

1,671,565

 

Gross margin

 

246,838

 

 

 

120,561

 

 

 

461,855

 

 

 

229,308

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

68,041

 

 

 

54,375

 

 

 

136,967

 

 

 

111,326

 

General and administrative

 

30,064

 

 

 

20,370

 

 

 

50,140

 

 

 

39,613

 

Depreciation and amortization

 

11,097

 

 

 

8,868

 

 

 

22,052

 

 

 

17,370

 

Total costs and expenses

 

109,202

 

 

 

83,613

 

 

 

209,159

 

 

 

168,309

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

137,636

 

 

 

36,948

 

 

 

252,696

 

 

 

60,999

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(1,402

)

 

 

(1,859

)

 

 

(3,100

)

 

 

(3,764

)

Other, net

 

(194

)

 

 

(192

)

 

 

(63

)

 

 

(284

)

Total other expense, net

 

(1,596

)

 

 

(2,051

)

 

 

(3,163

)

 

 

(4,048

)

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

136,040

 

 

 

34,897

 

 

 

249,533

 

 

 

56,951

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

33,194

 

 

 

8,305

 

 

 

59,184

 

 

 

13,129

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

102,846

 

 

 

26,592

 

 

 

190,349

 

 

 

43,822

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(16

)

 

 

25

 

 

 

4

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

$

102,830

 

 

$

26,617

 

 

$

190,353

 

 

$

43,837

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

3.06

 

 

$

0.80

 

 

$

5.66

 

 

$

1.31

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

3.03

 

 

$

0.78

 

 

$

5.61

 

 

$

1.30

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of shares outstanding

 

33,651

 

 

 

33,428

 

 

 

33,647

 

 

 

33,423

 

Diluted weighted average number of shares outstanding

 

33,935

 

 

 

33,879

 

 

 

33,950

 

 

 

33,827

 

See notes to unaudited consolidated financial statements.

4


 

HUB GROUP, INC.

UNAUDITED CONSOLIDATED STATEMENTS STOCKHOLDERS’ EQUITY

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Purchase Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A & B

 

 

 

 

 

in Excess of

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Predecessor

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Paid-in

 

 

Basis, Net

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

 

 

 

Issued

 

 

Amount

 

 

Capital

 

 

of Tax

 

 

Earnings

 

 

Income

 

 

Shares

 

 

Amount

 

 

Total

 

Balance March 31, 2021

 

41,887,088

 

 

$

419

 

 

$

182,005

 

 

$

(15,458

)

 

$

1,270,390

 

 

$

(201

)

 

 

(7,469,756

)

 

$

(260,654

)

 

$

1,176,501

 

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,229

)

 

 

(214

)

 

 

(214

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

33

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(46,756

)

 

 

(33

)

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

4,172

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,172

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,592

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,592

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25

 

 

 

-

 

 

 

-

 

 

 

25

 

Balance June 30, 2021

 

41,887,088

 

 

$

419

 

 

$

186,210

 

 

$

(15,458

)

 

$

1,296,982

 

 

$

(176

)

 

 

(7,519,741

)

 

$

(260,901

)

 

$

1,207,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2022

 

41,887,088

 

 

$

419

 

 

$

189,168

 

 

$

(15,458

)

 

$

1,512,137

 

 

$

(187

)

 

 

(7,236,001

)

 

$

(259,108

)

 

$

1,426,971

 

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,871

)

 

 

(130

)

 

 

(130

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

917

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,343

)

 

 

(917

)

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

5,518

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,518

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

102,846

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

102,846

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16

)

 

 

-

 

 

 

-

 

 

 

(16

)

Balance June 30, 2022

 

41,887,088

 

 

$

419

 

 

$

195,603

 

 

$

(15,458

)

 

$

1,614,983

 

 

$

(203

)

 

 

(7,244,215

)

 

$

(260,155

)

 

$

1,535,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2020

 

41,887,088

 

 

$

419

 

 

$

186,058

 

 

$

(15,458

)

 

$

1,253,160

 

 

$

(191

)

 

 

(7,675,084

)

 

$

(266,065

)

 

$

1,157,923

 

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(69,208

)

 

 

(3,973

)

 

 

(3,973

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

(9,137

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

224,551

 

 

 

9,137

 

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

9,289

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,289

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

43,822

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

43,822

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15

 

 

 

-

 

 

 

-

 

 

 

15

 

Balance June 30, 2021

 

41,887,088

 

 

$

419

 

 

$

186,210

 

 

$

(15,458

)

 

$

1,296,982

 

 

$

(176

)

 

 

(7,519,741

)

 

$

(260,901

)

 

$

1,207,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2021

 

41,887,088

 

 

$

419

 

 

$

189,256

 

 

$

(15,458

)

 

$

1,424,634

 

 

$

(207

)

 

 

(7,317,058

)

 

$

(258,330

)

 

$